Thomas Gangl will become new CEO of Borealis as of April 1, 2021, succeeding Alfred Stern, who was appointed as OMV board member for Chemicals & Materials on the same date.

Following OMV's acquisition of a majority stake in Borealis and the intensified cooperation between OMV and Borealis, the Supervisory Board of Borealis has decided to appoint Thomas Gangl (49), currently a member of OMV's Executive Board, as CEO of Borealis.

Alfred Stern (56), who has led the transformation of Borealis from a producer of polyolefins to a leading provider of advanced and circular polyolefin solutions and the European market leader in mechanical recycling of plastics, has been appointed member of OMV's Executive Board for Chemicals & Materials and will step down as CEO of Borealis. Both changes will take effect on April 1, 2021.

"With the appointment of Thomas Gangl, we have succeeded in gaining an excellent manager and expert from our own ranks to head Borealis. In recent years, Thomas Gangl has not only played a key role in shaping the refinery and petrochemicals sector, but has also established chemical recycling in the OMV Group, thus laying the foundation for a future circular economy," commented Rainer Seele, Chairman of the Supervisory Board of Borealis and CEO of OMV.

Borealis has its corporate headquarters in Vienna, Austria, and employs around 7,500 people in more than 120 countries. In 2020, the company generated sales revenues of €6.8 billion. OMV holds 75% of Borealis shares, with the remaining 25% owned by an investment company of Mubadala based in the United Arab Emirates. Together with two important joint ventures - Borouge (with Abu Dhabi National Oil Company, ADNOC, in the United Arab Emirates) and Baystar (with Total, in the USA), Borealis supplies products and services to customers around the world.